Sri Lanka Consolidated Acts

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Colombo District (Low-lying Areas) Reclamation And Development Board (Amendment) Law (No. 27 of 1976) - Sect 6

Replacement of section 1 of the principal enactment

6. Section 11 of the principal enactment is hereby repealed and the following new section substituted therefor:
11.
(1) The initial capital of the Board shall be -
(a) one million rupees consisting of grants or loans given or made available by the Government on such, terms and conditions as may be determined by the Minister in charge of the subject of Finance; and
(b) the value of such property as may be transferred, to the Board by any Government department or corporation by an order, or with the consent of the Minister in charge of that department or corporation.
(2) The amount of the initial capital of the Board shall be paid or made available to the Board in such instalments as the Minister in charge of the subject of Finance may in consultation with the Minister determine.
(3) The capital of the Board may be increased from time to time by the value of any property transferred to the Board as provided by paragraph (b) of subsection (1) and by such amounts as may be authorized by any Appropriation Law or by resolution of the National State Assembly, and such amounts shall be paid or made available to the Board by the Government by way of grant or loan on such terms and conditions as may be determined by the Minister in. charge of the subject of Finance.".

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